Morning Spread

Morning Spread

Friday 27th June 2014
IndexLevelChg (%)
UK Market6752.96+0.26
Dow Indust Avg16846.13-0.13
S&P 5001957.22-0.12
Nasdaq Composite4379.05-0.02
Nikkei 22515095.00-1.39
Hang Seng23221.52+0.10
IndexLevelChg (%)
Nymex 1m105.93+0.09
Gold Spot1315.78-0.06
GBP/USD1.7024-0.02
GBP/EUR1.2499-0.04
EUR/USD1.3621+0.06
USD/JPY0.00986-0.22

European stocks rose as investors awaited data on US consumer confidence to gauge the outlook for the US economy. The ESTX 50 (+0.42%), UK markets (+0.34%), CAC 40 (+0.44%) and Dax (+0.30%) all posted gains in early trading. Mediaset gained +5% after Exane upgraded the company to “neutral” from “sell”, saying there is a possibility of a tie-up between the company and Al-Jazeera network. Ophir Energy lost -4.1% after UBS cut the company to “neutral” from “buy”, citing the company’s failure to find reserves in an offshore Gabon field. Imagination Technologies Group Plc tumbled -9.2% after Intel Corp sold 25 million shares at £2.05 apiece. Rolls-Royce Holdings Plc rose +1.8% on a report that Airbus Group NV may use the company’s engines in a new version of its A330 aircraft. Reed Elsevier Plc slipped -1.4% as Barclays Plc downgraded its rating on the stock.  

 

US stocks slipped after the Federal Reserve suggested that higher interest rates may happen sooner than expected. The Dow Jones Industrial Average (-0.13%), S&P 500 (-0.12%) and the Nasdaq Composite (-0.02%) all declined. Bed Bath & Beyond Inc fell -7.2% after saying second quarter profit was less than analyst estimates amid competition from online retailers. Philip Morris International inc slid -2.7% after cutting its earnings forecast amid unfavourable currency shifts. Nabors Industries Ltd jumped +6.2% after C&J Energy Services Inc agreed to acquire the company’s hydraulic fracturing business for $2.86 billion in cash and stock. Iron Mountain Inc surged +20% after its board approved the company’s conversion to a real estate investment trust. Alcoa inc gained +2.7% after agreeing to buy Firth Rixson Ltd for about $2.5 billion in stock and cash. GoPro Inc gained +31% following its IPO. The company raised $427 million, selling 17.8 million shares for $24 each, the high end of the marketed range.

 

Asian stocks fell after a Federal Reserve official said the US may raise interest rates in March. The Nikkei 225 (-1.39%) and the S&P/ASX 200 (-0.35%) both declined, while the Hang Seng (+0.03%) was pretty flat. Oracle Japan declined -5.1% after forecasting its full year operating profit will be 45 billion yen, compared with the 47.7 billion yen median estimate of analysts. Ono Pharmaceutical jumped +5% after public broadcaster NHK said Japan’s health ministry will approve for melanoma treatment, saying the product may be distributed by year end. Standard Chartered Plc dropped -3.7% in Hong Kong after the bank that generates 58% of its revenue in the Asia-Pacific region said first half profit fell 20%.